ManTech International Corp. (MANT) announced that its first-quarter net income was $25.6 million, down from $31.9 million in the first quarter of 2011. Earnings per share for the quarter were $0.69, compared to $0.87 in the first quarter of 2011.
Revenues for the quarter were $676.5 million, compared to $700.9 million in the first quarter of 2011. Quarterly revenues increased across the company's intelligence and cyber security programs, which partially offset industry-wide decreases in support to wartime missions.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.77 per share on revenues of $688.91 million for the quarter. Analysts' estimates typically exclude special items.
ManTech Chief Financial Officer Kevin Phillips said, "Profitability was lower than expected in the first quarter, primarily driven by increased market pressures on in-theater work, contract mix shift and expanded investment in business development opportunities."
ManTech said its Board has declared that the company will pay a cash dividend of $0.21 per share on June 22, 2012 to all common stockholders of record as of June 8, 2012 as part of its regular quarterly cash dividend program.
For fiscal 2012, the company now expects net income of $113 million or $3.06 per share, and revenues of $3.00 billion. Analysts expect the company to report earnings of $3.50 per share on revenues of $3.08 billion for fiscal 2012. Earlier, the company expected earnings of $3.56 per share and revenues of $3.15 billion for fiscal 2012.
For comments and feedback: editorial@rttnews.com